The company expects continued growth from subscriptions. CEO Tim Reed says MYOB projects it will have more than 1 million online subscribers in Australia and New Zealand by 2020. Revenue last year was roughly $416.5 million, a 12.4-percent rise from the prior year. The results reported this week showed a 60-percent increase in online subscribers. MYOB's Enterprise solutions operations—whose MYOB Advanced is built on the Acumatica engine—had a 25-percent rise in revenue for the year most recently ended. Eighteen percent of that stemmed from a full year of revenue from the acquisition of Greentree in August 2016. Excluding acquisitions, rose 7.5 percent from 2016. The unit accounted for 16 percent of all revenue.
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MYOB PROSPERS ON SUBSCRIPTIONS Featured
MYOB grew in 2017 for the same reason most other publishers had revenue growth in their last year-subscription growth was up for the year ended December 31. The Australia-based financial software company reported approximately $60.7 million in net after-tax profit for the most recently ended year, a 47.5-percent increase from 2016.
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